To combat income related mortgage fraud, lenders require a review of the income provided to the IRS. What document authorizes the lender to obtain income transcript from the IRS?

The correct answer is the 4506-T form, which is specifically designed to allow lenders to request a tax transcript directly from the IRS. When lenders suspect that income may have been misrepresented or when they need to verify the borrower's income for underwriting purposes, they require this authorization. The 4506-T form not only gives the lender permission to access the taxpayer's tax information but also specifies which years of transcripts are needed. It plays a crucial role in ensuring the integrity of the income data presented by the borrower.

Understanding the process, lenders often request this form as part of the mortgage application process to confirm income authenticity and combat potential mortgage fraud. This is especially important in maintaining the overall health of the lending system and ensuring that borrowers are accurately assessed based on their true financial capabilities.

In contrast, other options listed do not serve this purpose: the 1003 form is the standard loan application form but does not directly authorize IRS access; Schedule 15 is not a standard IRS document related to income verification; and URAR (Uniform Residential Appraisal Report) pertains to property valuation, rather than income verification. Thus, the 4506-T form is the only document that correctly serves the specific need presented in the question.